🇨🇳 China ADRs: FXI +3% $BABA +2.7% $XPEV +8% $LI +5.5%
China $FXI +2.3% https://t.co/wn59rATulj
Another record day for Alibaba in terms of mainland investor ownership via the #StockConnect reaching 8.11% as of yesterday. $BABA https://t.co/fUyhlrFb4d https://t.co/7FqcJX6TDg https://t.co/ofIt6WL4Ui
Alibaba Group Holding Limited ($BABA) has shown a marked increase in trading activity following a buyback announcement. The company repurchased 497,700 American Depositary Receipts (ADRs) on April 9, accounting for 1% of the trading volume, and an additional 283,682 ADRs on April 10, representing 0.9% of the volume. As a result of these buybacks and other market factors, Alibaba's stock rose over 5% in overnight trading on April 10. The latest data indicates that mainland investor ownership through the Stock Connect has reached a record 8.11% as of April 10. In the broader market context, the China ETF ($MCHI) has increased by 5.3% since the close on Tuesday, outperforming the US S&P 500 ETF ($SPY), which rose by 3%. Other Chinese ADRs also experienced gains, with $BABA up by 2.7% and $XPEV up by 8% as of April 11.
